- The facility includes a $2.11 billion one-year tranche, $700 million two-year tranche, and a $500 million accordion feature.
- Rabobank, Sociéte Générale, ING Capital, MUFG Bank, and Natixis acted as lead arrangers and bookrunners.
- The refinancing was oversubscribed, adding four new banking partners to the lender group.
- The funds will support Gunvor USA's portfolio in crude oil, refined products, natural gas, power, and renewables.
Refinancing Details
Gunvor USA has successfully refinanced and increased its syndicated credit facility to $2.81 billion. The facility includes a $2.11 billion one-year tranche, a $700 million two-year tranche, and a $500 million accordion feature. This refinancing was significantly oversubscribed, indicating strong lender confidence.
Lender Participation
The transaction was led by Rabobank, with Sociéte Générale, ING Capital, MUFG Bank, and Natixis as joint bookrunners. The lender group has expanded to include 24 international banks, with four new banking partners joining the facility.
Use of Proceeds
The proceeds from the refinancing will be used to replace Gunvor USA's existing $2.335 billion borrowing base facility, initially launched in October 2024. The funds will enhance liquidity to support the company's expanding portfolio in energy commodities, including crude oil, refined products, natural gas, power, and renewables.
Banking Roles
Cooperatieve Rabobank U.A. serves as the administrative agent, mandated lead arranger, and active bookrunner. Other banks, such as Citibank, Credit Agricole, and Sumitomo Mitsui, serve as joint lead arrangers and co-syndication agents. New co-documentation agents include Banco Bilbao Vizcaya Argentaria and Commonwealth Bank of Australia, among others.
